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Oil prices lost ground on Monday amid uncertainty over a trade agreement between the U.S. and China. Furthermore, worries about crude oversupply also put pressure on oil contracts. Brent crude dropped by 1.4% to $62.44 a barrel and WTI futures fell by 1.1% to $58.05 a barrel.

Oil prices nudged down on Tuesday on no new details after Donald Trump’s speech about the China-U.S. trade negotiations Meanwhile, concerns regarding slower economic growth and weaker oil demand still kept prices under pressure. Brent crude fell by 0.2% to $62.06 a barrel, while WTI futures edged 0.1% lower at $56.80 a barrel.

Oil prices dropped on Monday due to a lack of direction in the U.S- China trade negotiations. Hence, Brent crude closed 0.5% lower at $62.18 a barrel, while WTI futures fell by 0.7% to $56.86 a barrel.

Crude oil prices firmed on Thursday, amid optimistic signs from China suggesting that the trade deal with the U.S. is moving closer to a much-awaited conclusion, raising hopes for a stronger crude demand. Under such circumstances, WTI futures spiked by 1.4% to $57.15 a barrel, while Brent crude inched up by 0.9% at $62.29 a barrel.

Optimism over a nearing U.S.-China trade agreement and a potential suspension of some U.S. tariffs on Chinese imports pushed crude oil prices higher on Tuesday. Hence, Brent crude rose by 1.3% to $62.96 a barrel. In the meantime, WTI futures ended 1.2% up at $57.23 a barrel.